Federal-Mogul to emerge from bankruptcy by the end of the month

ERJ staff report (SS) Southfield, Michigan -- Federal-Mogul Corp. has announced that it plans to emerge from Chapter 11 bankruptcy on 27 Dec, when its reorganisation plan becomes effective.

The company's plan was confirmed by the US Bankruptcy Court on 8 November and affirmed by the US District Court on 14 November.

“We are confident about our future and wish to acknowledge the support and loyalty of our customers, suppliers and employees worldwide,” said Federal-Mogul chairman, president and CEO José Maria Alapont, in an 18 Dec statement.

“We are committed to our global strategy for sustainable profitable growth, as we remain focused on creating value for our customers through innovative technologies, leading products, operational and service excellence, and best cost optimisation in all areas of our business,” he added.

Federal-Mogul filed for Chapter 11 in 2001 to separate its asbestos liabilities from its operating costs, according to the company.

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Press release from Federal-Mogul